EU rules mean greater control over Bitcoin payments

Tight EU rules will lead to greater control when you pay with cash, digital currencies including Bitcoin and prepaid credit cards. There will also be introduced a ban on cash payments above certain level.

It can be difficult to pay with cash from the summer of 2017. It is an effect of the fourth EU Money Laundering Directive, which regional laws try to adopt.

Even small stores now will be the subject of the rules against money laundering and this fact will increase their costs in a way that could force many of them to stop accepting cash. Others who will be affected by increased costs are gambling, antique dealers and pawnbrokers.

The EU is also working with new recommendations to Member States that seem to make digital currencies like Bitcoin less anonymous. Admittedly transactions through a so-called block chain is already traceable. But now there is a requirement to have a registration when switching between digital and traditional currencies. While the EU wants to see tighter identity checks when paying with prepaid credit cards. The final proposal will be presented this summer.

There is already a commitment from the European Commission to start recording, monitoring and analyzing all European bank transactions.